Bethpage Federal Credit Union
From Central Park Historical Society Encyclopedia
1940 - The Foundation is laid
The Bethpage Aircraft Federal Credit Union was founded in 1941 to service the employees of Grumman Plant #2 as a nonprofit group owned by their members, instead of shareholders. It was chartered, and the first day, October 28, 1941, 114 members deposited $413.50. By the end of that year, more then 400 members had saved $4,705.00. Membership grew and Plants #1 and #2 merged, adopting the name, Bethpage Aircraft Federal Credit Union. In the final year of the decade (1940's), the credit union had 3,280 members and assets of more than $618,000.00 and loans of $360,000.00.
1950 - Building on Service
A Grumman employee paid 25 cents to enjoy the advantages of membership in the credit union. They could save and borrow money and they were able to set up a payroll deduction plan up to $9.00 a week with competitive interest rates of 2 1/2 %. By the end of the 1950's the credit union had loaned over $22,000,000.00 since opening day in 1941. The first credit union office was located on the upper level in plant #2, and they had representives go to Plant #1 and #3 to provide service.
1960 - Time of Transition
By 1961, membership and the volume of transactions had grown and automatic accounting machines were installed. In 1965 the credit union moved into a separate building adjacent to Plant #2, and expanded the hours of service for member convenience. Five tellers served Bethpage's 17,000 members.
1970 - New Technology
Reflective of the diversification of the Grumman products, the name "Aircraft" was removed in 1974. Bethpage Federal Credit Union now served over 24,000 members. Checking accounts, VIP lines of credit, term savings and vacation savings programs were offered. In 1979, members had the opportunity to have a Bethpage VISA card, and BFCU's own in-house data processing system was installed.
1980 - Electronic Convenience
In the 1980's the BFCU had its own automated teller machines, known as The Safe Place. Within 10 years electronic networking enabled members to access their accounts at more than 50,000 locations. Product line expanded with IRAs, FIMMA, fixed and adjustable rate mortgages, home equity lines of crdit, and preferred member loan rates. Anyone with a touch-tone phone could bank at home.
1990 - Into the future
In the 1990's, state-of-the-art technologies established to keep costs down and provide valuable services. After 50 years of service we are ready to move ahead.
Above information is taken from the Bethpage Federal Credit Union 1990 Annual Report - An Anniversary Album.
BFCU crossed over into the year 2000 with ALL operations working successfully as planned!
Now, after 27 years President an Chief Executive Officer Peter J. Seitz is retiring and executive vice president Kirk Kordeleski has assumed the chief executive slot. Mr. Seitz joined the credit union in 1972, becoming its general manager in 1975. Mr. Kordeleski served as executive vice president since 1992. Mr. Seitz lead the BFCU through the decline of the local defense industry, Grumman downsizing, and being taken over in 1994 by Northrop. BFCU now serves more than 60 employee groups, $950 million in assets, and more than 85,000 members.
Pete left with this message to the employees - "Never forget that the one thing that makes BFCU different from other financial institutions is that the member is the owner. Quality service, great rates and low fees make us special - and give reason for our existence. Keep this in mind when you do your work, and the bright light of success will shine here at BFCU forever."
Over the years the credit union grew in membership and services. On Stewart Avenue a new building was built to house the credit union and it soon had to be expanded to accommodate the growth. A new building on 899 South Oyster Bay Road was completed and grew to provide services to almost all of Long Island, as well as, 22 branch offices were established throughout Long Island by 2010. BFCU, in 2010, is the nation's 21st largest credit union and the fifth largest financial institution based on Long Island, and continues to offer the same services as a full-service bank.
For more current information access The Bethpage Federal Credit Union on the internet.
The Sixth Annual Bethpage Federal Credit Union New York Air Show will take place Memorial Day weekend 2009 at Jones Beach State Park. scheduled performers include: the Canadian Forces Snowbirds; the U. S. Army Parachute Team - the Golden Knights; the Air Force Reserve Biplane Show with Ed Hamill; the Geico Skytypers, a squadron of six vintage World War II airplanes; American Airpower Museum Historic Warbirds; Warbirds Over L. I., and the John Klatt-Air National Guard Aerobatic Team. Civilian demonstrators include Sean Tucker and Team Oracle, named a "Living Legend of Flight" in 2003 by Smithsonian Air & Space Museum: Pilot Bill Reesman and the Red Bull MIG-17F; Aerobatic Pilot Matt Chapman; and the Red Bull Helicopter performing back-flips, barrel rolls and more. visit www.jonesbeachairshow.com.
April 2011 - The BFCU received the Diamond Award, the highest accolade, at a recent trade association conference in Las Vegas. The award was given at the 18th annual Credit Union National Association Marketing & Business Development Council conference. The award was given for the branding and corporate identity category for its 2010 re-branding effort and multimedia marketing campaign. This included the new logo, a new tagline, Beth and Paige, two personalities that embody exemplary customer service.
Above Information from NEWSDAY - April 1, 2011
Bethpage Federal Credit Union honored with five industry awards including coveted Diamon Award (Information from the BETHPAGE TRIBUNE April 8-15, 2011)
In 2011 BFCU is the largest Credit Unions in the state. The BFCU capitalized on the ill feelings toward big banks after the subprime mortage debacle, bank bailouts and fees. The BFCU set a net income record of $41 million, up from $38 million in 2010. As deposits grew 13 percent to $3.6 billion. Increase of 7.5% in loans over 2010 (including mortgages). There were 3 new branches opened in 2010 which brings the total to 25 branches with four more scheduled to open later this year. Information from NEWSDAY, Thursday, January 19, 2012
Kirk Kordeleski joined BFCU in 1992 as executive vice president of operations and became president and chief executive In 2000. Kirk had been a high-profile figure in the Long Island business community. In 2012 he was named chairman of the Long Island Association, the regions major trade group, after being vice chairman for several years. Information from NEWSDAY, Wednesday, January 21, 2015.
Wayne Grosse' has been named president and chief executive of Bethpage Federal Credit Union replacing Kirk Kordeleski CEO who stepped down for health reasons in October 2014. Wayne, 56, has been with Bethpage as senior executive management roles for more than 15 years, and was interim CEO.
Bethpage Federal Credit Union is New York State's largest credit union in membership and assets. It has 250,000 members and $5.8 billion in assets. With more than 600 employees and 33 branches in Nassau and Suffolk Counties.